Sauber sold all of his shares, as did Sauber team principal Monisha Kaltenborn.

However despite the sale, the team name will remain unchanged as will Kaltenborn’s position.

Pascal Picci from Longbow Finance will become Sauber chairman following Peter Sauber’s retirement.

‘We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport. Kaltenborn told motorsport.com.

‘We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1.

Sauber first owned the team between 1991 and 2005.

In 2006 BMW took a majority shareholding of the team with Peter Sauber retaining a 20% stake.

But that deal ended in 2010 with Sauber re-purchasing his previous shares from BMW.

Sauber added: ‘I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula 1 has proved to be correct.’